Jewellery designer, Nirav Modi eyes expansion into global high street

In the next five years, Modi plans to have presence in 12 countries with 30 boutiques, besides getting another patent for his firm’s Jasmine cut.Anumeha Chaturvedi | ET Bureau | February 24, 2016, 07:42 IST

Modi added that more collaborations with auction houses like Christie’s, Sotheby’s and Tiancheng could be in the offing too.NEW DELHI: Nirav Modi, the only Indian jewellery designer to have featured in the auction catalogues of Sotheby’s and Christie’s, is looking at greater global expansion this year.

After opening stores in Delhi, Mumbai, New York’s Madison Avenue and Hong Kong over the past two years, Modi plans to open eight new stores this year including one at Bond Street in London, Miami, Bengaluru, Macau and two more in Hong Kong. Over time, he plans to expand to Shanghai and Beijing in China, the Delhi-based designer told ET.

“Most of our new stores will be international and in prime locations. It’s not just about picking the right city, but the right street and the right location within that street,” Modi said. In its fifth year of operations, Nirav Modi brand has evolved from a ‘by-appointment only’ format to having select stores across locations. With offices in all major diamond centres including Antwerp, South Africa, Armenia, New York and Hong Kong, the brand monitors and controls every step of the process from mine to market. It has its own cutting, polishing, design and production facilities, and is the only one in India to source the coveted Argyle pink diamonds found only in East Kimberley region in Western Australia.

In the next five years, Modi plans to have presence in 12 countries with 30 boutiques, besides getting another patent for his firm’s Jasmine cut.

Modi said the company is trying to broaden the base by lowering its price points. The lowest price point for a Nirav Modi creation is .`3 lakh now, down from about .`12 lakh. “We are trying to cater to a younger aspirational audience now. We have so many occasions to wear and buy jewellery in India. It appreciates with time, and as a segment, is recession proof,” he said.

Modi added that more collaborations with auction houses like Christie’s, Sotheby’s and Tiancheng could be in the offing too.